Northmarq announces $3.15 million sale of garden-style apartments in North Park San Diego
SAN DIEGO (Jan. 25, 2024) — Senior vice presidents of Northmarq’s San Diego Multifamily Investment Sales team, Erik Anderson and Benn Vogelsang, have completed the sale of a 9-unit garden-style multifamily property for $3.15 million. The property was built in 1987 and is located at 3104 Meade Avenue in the North Park submarket. Northmarq represented the buyer, RP Vintage Meade Holdings, LLC. The seller, The Ferreira Trust, was represented by Bob Rodrigues of Real Properties Group Real Estate Inc.
“This sale presented an opportunity for the buyers to obtain a building of newer vintage, in a prime walkable location, with a superior unit mix at a cost basis well below the comparable sales and replacement cost,” said Anderson. “It will be a fantastic long-term investment for their group and marks the first acquisition for their new venture.”
Situated on a Meade Avenue corner lot, the multifamily property is just one block from shopping and transit on El Cajon Boulevard and minutes from all the community has to offer. North Park touts a thriving bar and restaurant scene and several arts initiatives. During the day, the streets are quieter, with locals walking their dogs and heading to local coffee shops, but the area becomes more active at night. North Park is home to the renowned San Diego Zoo and Balboa Park, as well as top nightlife spots. 3104 Meade Avenue offers easy access to the 805 freeway in addition to the buzzing and colorful community of North Park.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
